Gambling on Crypto Tokens?
通过谷歌趋势衡量散户投资者关注度，发现高赌博倾向地区对加密代币关注度更高，且关注度在加密市场泡沫期和彩票型代币中上升，体育赌博合法化后下降。高关注度与更多贡献者和更高融资相关，但导致次级消费者信用违约率上升。
Abstract We proxy retail investor attention through Google Trends and find that fungible and non-fungible crypto tokens generate greater attention from high-gambling propensity regions. Crypto attention is higher during bubble-like episodes in the crypto market and for more lottery-like tokens. Moreover, retail crypto attention decreases after sports gambling is legalized. Higher token attention is associated with more contributors and higher fundraising. However, consumer credit default rates spike after periods of high crypto attention, but solely in the subprime segment. Overall, our findings suggest that gambling preferences strongly predict retail investor interest in the crypto market.